Opening Bell: 12.01.09
Arming Goldman With Pistols Against Public (Bloomberg)
Alice Schroeder on Goldman employees packing heat: "I just wrote my first reference for a gun permit," said a friend, who told me of swearing to the good character of a Goldman Sachs Group Inc. banker who applied to the local police for a permit to buy a pistol. The banker had told this friend of mine that senior Goldman people have loaded up on firearms and are now equipped to defend themselves if there is a populist uprising against the bank.
Somali sea gangs lure investors at pirate lair (Reuters)
"Four months ago, during the monsoon rains, we decided to set up this stock exchange. We started with 15 'maritime companies' and now we are hosting 72. Ten of them have so far been successful at hijacking," a wealthy former pirate named Mohammed said. "The shares are open to all and everybody can take part, whether personally at sea or on land by providing cash, weapons or useful materials ... we've made piracy a community activity."
Arrest Imminent In Florida Ponzi Case (Reuters)
Scott Rothstein is expected to be cuffed today.
WaMu The Bank Is Gone, But The Parent Fights On (WSJ)
A federal bankruptcy judge is expected to rule soon on who owns about $4 billion claimed by both J.P. Morgan Chase & Co., which bought the doomed financial institution from the Federal Deposit Insurance Corp., and the Seattle thrift's holding company, Washington Mutual Inc.
SEC Watchdog Eyes Insider Trading Probe (NYT)
Inspector General David Kotz's office said it is looking at a complaint that SEC staff had access to specific evidence that insider trading had occurred prior to staff closing the investigation, and whether the enforcement staff "committed acts of negligence."